Wednesday, March 21, 2007

Closing Market News March 21, 2007

March 21, 2007

The Dow closed up 159.42 and the Nasdaq closed 47.71 points higher at 2455.92. The Dow high was 12,480.45 and the low was 12,263.51 for a 216.94 point range.

Total Volume on the NYSE was above average trading 1.62 billion shares. Up/down volume was 9.40 to 1 positive, Nasdaq up/down volume was 6.58 to 1 positive.

June E-mini S&P futures closed up 21.50 at 1445.00 and the Nasdaq 100 futures closed up 32.75 at 1825.00. June E-mini S&P total volume was above average trading 1.60 million contracts. June 30 yr. T-Bond futures closed up 0-01 at 112.24.

May Oil futures closed up .36 at 59.61 and the April Natural Gas futures closed up .25 at 7.16.

April Gold futures closed up 1.00 at 660.00 and May Silver futures closed down 0.060 at 13.320.

Grains were all higher with March Wheat up 2 ¾ cents closing at 465 ½, May Beans were 1 ½
higher closing at 766 ¼, and May Corn closed up 4 ¼ at 409 ½.

April Live Cattle closed up 0.125 at 97.725 and May Feeder Cattle closed down 0.675 at 106.925. April Lean Hogs closed down 0.675 at 63.400.

“I hate war as only a soldier who has lived it can, only as one who has seen its brutality, its futility, its stupidity.”
Author: Dwight D. Eisenhower

AS I SEE IT: The market exploded to the upside after the Fed announced that it was going to leave interest rates where they were. Some of the language was changed from the previous meeting from a tightening stance to a more neutral stance, so traders bought heavily moving the market sharply higher, stopping out short-sellers as it ran up. Soaring Phoenix Market Strategies hit home-runs on trading days like this. I will be selling the June S&P at 2, 4, and 6 points higher in overnight markets, and I’ll buy those contracts back at the closing price.

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